UMG Idealab, the Indonesia-based venture arm of UMG Group Myanmar, has invested an undisclosed amount in SociaBuzz, an online marketplace that connects businesses/individual customers with social media influencers/creators/talents.

SociaBuzz CEO Rade Tampubolon said in a statement that the seed funding will be used for improving its line of products and marketing.

“Our objective is that through our platform, more users will reap the benefits to create ideas and products from what they love and are passionate about,” he added. 

Founded in 2015, SociaBuzz aims to link individuals and businesses with suitable content creators and talents for their personal/business needs. Currently, the startup has around 72,000 influencers/creators/talents and 1,350 active users (both businesses and customers).

The company runs multiple products to help creators and talents profit from their passion and creativity.

Also Read: Superfanz: Growing visibility for creators in the wake of COVID-19

While Gigs is a platform to discover creators and talents and get bookings from potential clients, Shoutout allows creators to earn profit by creating personalised video shoutouts for various users or businesses.

The other product is Tribe, which allows users to get direct support from their audience and community. Shop, on the other hand, is a service where content creators can sell digital goods directly to their fans. The fifth product Affiliate allows creative talents to promote and earn commission from their products.

The startup earns revenues by taking a commission on each transaction carried out on its platforms.

Since 2016, UMG Idealab has invested in close to 40 startups. In 2020, it funded three companies in the technology industry, two venture builders and an SME.

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Image Credit: Unsplash

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The Indonesian venture capital (VC) firm association (Amvesindo) announced in a virtual event today that Indonesian startups had secured US$1.9 billion in funding through 52 funding rounds by Q3 2020 –just as the COVID-19 pandemic peaked in Southeast Asia and many parts of the world.

These funding rounds were dominated by three verticals: Fintech, edutech, and SaaS with six transactions respectively.

Of the companies that have made significant funding round announcements within this period, F&B chain Kopi Kenangan topped the list with US$109 million in funding followed by logistics tech startup Kargo with US$31 million.

In his presentation, Amvesindo chairman William Gozali explained that while startup investments in Indonesia experienced a decline in 2017, the number continued to rise between 2018 and 2019.

“The Indonesian startup ecosystem is only about a decade old with the unicorns being founded around 2008-2009. There is something that we refer to as the ‘iron triangle’: E-commerce, fintech, and logistics. These three verticals support each other in its growth and this is something that we expect to continue to happen,” he said.

The fact that the increase continued throughout the pandemic is “a reason for us to be optimistic,” according to him.

Also Read: As IDX commissioner, this is how Pandu Sjahrir aims to help more Indonesian startups go public

As a crucial part of the Indonesian startup ecosystem, the VC industry in the country has experienced rapid growth of assets in the past three years from 2018 to 2020. According to the research, by December 31, 2019, the local VC industry asset growth reached IDR19 trillion (US$1.3 billion), a 58.72 per cent growth from the same period in 2019.

According to Amvesinso, the remaining challenge that the industry continues to face today includes profit and revenue sharing instrument from the VC firms’ portfolio companies.

In line with the growth of the VC industry, the micro-finance industry in Indonesia also experienced growth. The association praised this progress, especially when considering the social impact that micro-financing can make to the finance ecosystem in the country, especially in the financial inclusion aspect.

“Financial inclusion continues to become a popular theme in Indonesia. In this segment, there are at least 16 active players and a great number of them happens to be an Amvesindo member. By the end of 2019, they have served up to 13 million debtors with IDR29 trillion (US$1.9 billion) outstanding debt,” Gozali said.

“The role that the VC industry plays in this segment includes the provision of formal financial services,” he continued.

Startups and the national economy

In the near future, Amvesindo predicted that the Indonesian VC industry will continue to experience growth. They predicted social commerce, food tech, and any verticals that are related to digitalisation of supply chain and SMEs.

Also Read: Startup Studio names the 20 Indonesian startups in the first batch of its accelerator programme

The association also highlighted the role that startups play in helping the national economy to recover from the impact of the pandemic. It gave the example of agritech startups that enable financing for farmers, and digital identity providers that enable banking institutions to ease credit restructuring process.

Amvesindo hopes for more investment in sectors such as farming and agriculture, in addition to verticals with high growth potential.

Founded in 2016, the association was started by 12 VC firms in Indonesia with the goal to become a gathering forum for industry players. It also aims to help the government and the Financial Service Authority (OJK) in setting up regulations and programmes.

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Image Credit: Bayu Syaits on Unsplash

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iMedia, an integrated digital media group in Malaysia, today announced it has acquired a 90 per cent stake in BeautifulNara, a Malay language portal.

This deal marks the fourth acquisition by the group within the last three months.

Also Read: Media buys controlling stake in Goody25’s Malaysian parent

With BeautifulNara joining OhMedia, Ittify and Goody25 in the group, the combined network will have a reach of over 13 million Malaysians, the company claimed.

As part of the acquisition, iMedia has signed an exclusive advertising representation agreement (EARA) with Nara Media, which will be responsible for the acceleration of revenue across websites.

In addition, it will build its content marketing business and introduce social selling as a new revenue platform.

Led by CEO Shahzeeq, BeautifulNara will continue to work closely with iMedia to focus on the overall expansion of its websites, including affiliated pages such as Amazing Nara, covering trending daily news and Kimchi Daily,  featuring all things KPOP. Together, they hope to build a larger community of Malay speaking audience and social media influencers.

Voon Tze Khay, CEO and Co-founder of iMedia, said: “This acquisition will further strengthen the company’s dominant position in the Malay language content network in Malaysia and our reach to the overall Malay urban youth speaking online community.”

“We will continue to build upon the revenue potential in sponsored content and video advertising that is in line with the rapid growth in the region’s overall digital advertising spend. We see this as an opportunity for a sustainable solution to generate greater revenue,” Tze Khay added.

Also Read: How Southeast Asia is becoming an entertainment capital of the world

Launched in 2013, BeautifulNara primarily focuses on the latest news in the local entertainment and lifestyle scene, as well as the trendiest stories on celebrities, fashion and travel.

The portal has social following of over 1.2 million followers on Facebook and Instagram combined, and recorded an average of 9.6 million page views and 1 million users per month.

In September, iMedia acquired a controlling stake in Goody Technologies, which runs the internet properties Goody25 and GoodyMY. This came just a few days after REV Asia signed an agreement to acquire iMedia

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Image Credit: iMedia

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Indonesian travel tech company Tiket records spike in sales despite pandemic

The story: Indonesian online travel agency (OTA) Tiket announced that it has recorded a skyrocketing spike in flight ticket sales in Q3 2020, despite pandemic hit. It further claims that the increase is three times more in comparison to Q2 2020.

“The positive trajectory of anchoring sectors such as transportation and accommodation becomes the benchmark in monitoring the current recovery condition. With skyrocketing transactions and numbers of users on the app, as well as the declining trend of refunds and reschedules, we are primed to assist all travelling and holiday needs from our fellow Indonesians,” said Gaery Undarsa, co-founder of Tiket.

Future plans: In Q4 2020, Tiket will leverage domestic destinations’ promotion in an attempt to revive Indonesia’s tourism industry and to contribute to the nation’s economy. It will also offer clients discounted packages as it expects demands to grow during the holiday season.

India’s Fedo raises US$1M to help insurers predict health risks of clients

The story: Bangalore-based insurtech platform Fedo has raised US$1M in a pre Series A funding round.

Investors: Mumbai-based early-stage VC Unicorn India Ventures (lead), SEA fund, Ashish Mehrotra (Former CEO, Max Bupa)

About Fedo: Fedo’s AI allows insurers to onboard, track and manage product portfolios of their clients. It helps insurers to enhance sales, reduce costs and enrich the quality of their portfolio using data.

More about the story: Other than helping insurers Fedo has also partnered with health departments of local governments in and outside of India to help support population risk predictions.

Also Read: Traveloka confirms US$250M fundraise, admits historic drop in biz activity due to COVID-19

Due to the current COVID-19 crisis, there is a rise in awareness of insurance products which has resulted in an increase in demand for good insurance policies.

“Our vision is to offer AI-backed solutions to insurance providers, which enables early identification of potential health risks by using non-invasive methods thereby reducing out of pocket expenditures of individuals and making insurance accessible, affordable and personalised,” said Prasanth Madavana, co-founder of Fedo.

CapBay acquires Kenanga to create Malaysia’s Islamic Supply Chain Finance fintech

The story: CapBay has acquired a 49 per cent stake into Kenanga Capital Islamic Sdn Bhd (KCI), a subsidiary of Kenanga Investment Bank Berhad (KIBB), forming a joint venture to create Malaysia’s Islamic Supply Chain Finance fintech.

The reason: The acquisition will allow both the companies to establish a seamless digital platform by leveraging on CapBay’s strong technological expertise. The goal is to allow SMEs to have access to quick and affordable financing.

“We have always been committed to offering our customers the solutions they need to advance the growth of Malaysian businesses of all sizes. I am confident that this partnership with KIBB will allow us to grow as an organization and better serve our customers as we invest in our infrastructure and service offering,” said Ang Xing Xian, co-founder of CapBay and CEO of KCI.

The partnership is expected to support underserved SMEs that are estimated to grow five folds from its current amount.

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Image Credit: Unsplash

 

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By now, we all know how COVID-19 has battered the industry and ecosystem globally — with offline tech events among the casualties. To this end, major event organisers had to either cancel, postpone indefinitely, or move their event to the virtual realm.

While these key overseas startup events saw changes in response to the pandemic — especially in terms of the initial dates set — one rising conference in South Korea has kept things according to the original plan while removing the element of offline gathering. From the timeline, to the experienced lineup of speakers and investors, to the agenda and various side events, COMEUP 2020 has been moving ahead at full speed with its entire programme unscatched.

Also read: Cashflow and financing: what companies need to know

The organising committee has made this possible by establishing a clear identity for the event and setting a global standard model (at the onset of the pandemic) with their thorough preparations as an online-oriented event.

Launched in 2019, COMEUP serves to promote the Korean startup ecosystem at home and abroad, while also embracing innovation from international startups. That year, the conference welcomed over 21,000 attendees from 60 countries, with more than 4,900 startups and 650 VCs in participation. Even though it’s only in its second year, the event has seen a rapid growth in interest from foreign startups and stakeholders. Not surprisingly, considering the force behind its organising committee: their local government via the Ministry of SMEs and Startups, the Korea Institute of Startup and Entrepreneurship Development (KISED), and the private startup ecosystem.

A locally initiated gathering for the global audience

Spread across three days, the event’s virtual platform will hold keynote speeches, panel discussions, exhibitions, networking events, and other startup-exclusive events. Each component in the agenda aligns with the theme, “Meet the Future – Post Pandemic” and will explore how startups everywhere will solve and overcome the global challenges.

This year, there will be over 100 subject matter experts who will cover 12 sessions on topics critical to startups today: K-Quarantine, Policy, Digital Healthcare, Environment, Open Innovation, AI & Robots, Telecommuting, Manufacturing, Commerce, and Education. The sessions are based on three focus areas: Social System, Work, and Life.

Also read: How interns with innovative skills can help bolster the workforce

Among the line-up of speakers are well-known global lecturers, such as Co-Founder and CTO of IONQ, Professor Kim Jungsang of Duke University, CEO of Kurly, Kim Seulah, and professor Henry Chesbrough of UC Berkeley, known for his contributions in open innovation.

Participating in the K-Quarantine sessions are Chun Jongyoon, CEO of Seegene. Seegene is the manufacturer of COVID-19 test kits and widely regarded as an exemplary company of K-Quarantine. Joining him is Kim Jinyong from Incheon Medical Center, Division of Infectious Diseases, the office that established global standards with its “drive-through testing”.

Investor networking and business matching

Selected startup participants will have the opportunity to network with the 90 plus investors joining the virtual event, such as Albert Shyy, Managing Director at Burda Principal Investment, Andreas Surya, Principal at Kejora Ventures, and more. Corporate partners will also be joining the event, so startups will

K-Startup Grand Challenge 2020: COMEUP Stars

The three-day gathering will not be complete without the special events geared towards startups. A few months ago, the COMEUP organisers opened the global call for startup applications for an opportunity to pitch their innovation at the event. From over 1,000 applications received during the call for applications, 120 startups made it to the “COMEUP Stars” roster — 59 of which are from South Korea.

These COMEUP Stars are provided with support for production of their corporate promotional videos and online booths, as well as opportunities to make promotional pitches to the investors participating in the event.

Online booths and other exciting features on a powerful platform

The COMEUP homepage will be structured to showcase and stream all the programmes, such as the main conference and the rest of the events. Additionally, the IR pages and corporate overview pages of the COMEUP Stars will be visible, so anybody can access their information.

The excitement doesn’t end there. Online booths will also be built so investors can login and view the corporate information of these startups and make business matching requests. This feature will enable real-time matching of startups, investors, and buyers, and host one-on-one counseling sessions.

Also read: Why innovations in the air traffic space remain a priority for a more resilient future

The platform itself was designed to present a lively atmosphere by implementing Virtual Showrooms that utilise VR technology in the homepage so the users will feel as if they are participating in an offline event hall.

Minister Park Young-sun from the Ministry of SMEs and Startups has great hopes about the event’s direction moving forward, saying, “COMEUP 2020 consistently hosts online events despite the difficulties presented by the COVID-19 crisis and I wish the event creates a lot of interest and participation from all involved.”

COMEUP 2020 is happening virtually from November 19 to 21, 2020. For more information and to sign up to the exciting event, click here.

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